Question

Explain the term, unemployment and describe how it is measured

Answer 1

Unemployment is regarded as the state of being unable to secure at least one opportunity for employment despite actively looking for a job (Mankiw, 2017). The overall number of unemployed people is determined by computing the unemployment rate. The unemployment rate is calculated by dividing the total population of unemployed people by the labor force, and the outcome is converted into a percentage (Mankiw, 2017). Notably, the labor force constitutes employed as well as unemployed people.
References
Mankiw, N. (2017). Essentials of Economics. New York: Cengage Brain.